Cardano Price Movement Analysis for 1st April, 2021

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Although Cardano’s price increased significantly in 2021, the coin’s price activity in the last month has been largely sideways. As a result, ADA has remained extremely rangebound, though being vulnerable to price corrections when the market’s bullish momentum fades.

ADA was valued at $1.19 at the time of publication, with no improvement in value over the previous few days. According to CoinMarketCap, ADA has a market capitalisation of more than $38 billion, rendering it the fifth-largest cryptocurrency.

 

Cardano 1-day chart

Cardano’s price has been somewhat rangebound in recent days. This has been the case since the coin broke through the $1.5 mark, and at the time of publishing, the altcoin was moving between its immediate resistance at $1.41 and its support at $1.13. If the bullish trend disappears entirely in the coming days, the cryptocurrency’s price is expected to be stabilised by the tight support level between $1.13 and $0.94.

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Given the present market conditions, it is impossible to determine whether traders will benefit more from short or long positions. However, considering past performance, the coin could end up trading sideways over the next week or see a slight reversal in which the price may fall into the previously listed support band.

Rationale

The technical metrics for ADA produced a mixed result. After a bearish crossover, the MACD tracker indicated that the ADA market was mildly bearish. The RSI indicator stayed in the neutral sector, but it was heading in the direction of the oversold zone. If this trend persists, until the bullish momentum disappears, ADA can be vulnerable to another market reversal.

Conclusion 

The price of ADA has been consolidating for a long time, and this is expected to continue in the coming week. If ADA fails to build much bullish traction over the next few days, the coin’s long-term prospects can include a small price reversal. At the moment, traders should expect the market to stay rangebound between $1.1 and $1.4, with a split above the upper limit impossible.

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